UMA arbitrage explained
Right now UMA trades on 10 venues we scan: 10 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.4077 and the highest bid on OKX spot at $0.4087.
The widest UMA perpetual spread is between OKX and Gate: long UMA on OKX at $0.4077 and short on Gate at $0.4083 for +0.15% gross, or -0.01% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.033% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best UMA route is to buy spot on Bybit and short the perpetual on Gate: -0.15% gross, -0.35% net, with -0.220% a day of funding on the short leg.
Spot–spot UMA arbitrage (buy on Bybit, withdraw, deposit and sell on OKX) shows -0.05% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small UMA gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: UMA funding rates · UMA spread charts · UMA price · arbitrage scanner for all coins.